Global Concentrated Solar Power Market Is Expanding At A Cagr 20.30% Between 2014 And 2020

Concentrated Solar Power Market: Snapshot

The global concentrated solar power (CSP) market holds a huge opportunity to rise owing to the increasing implementation of heat storage systems as well as hybridization of concentrated solar power plants with traditional thermal plants. CSP technology is said to be immensely capital intensive in nature and it can be deployed at commercial scale without the requirement of support from financial and governmental institutions. The prominent players operating in the global CSP market are continuously flourishing due to the constantly rising energy demand and the growing concerns about clean energy within developing nations.

The global CSP market stood at US$2.51 bn in 2013 and is poised to touch US$8.67 bn by 2020. The market is predicted to rise at a whopping 20.30% CAGR between 2014 and 2020. Factors such as the increasing awareness regarding global warming and the growing greenhouse gas emissions are driving the overall market for CSP. In addition, the increasing prices of traditional energy sources and the growing concerns on future supply of energy will further augment the development of the market for concentrated solar power. Furthermore, the incentives and support provided by government globally will further provide impetus to the development of the market in the coming years. Contrariwise, the soaring cost of electricity generation may come up as a roadblock in the growth of the global concentrated solar power market.

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Parabolic Trough to Lead Concentrated Solar Power Market till 2020

In terms of product, the report segments the global CSP market into dish stirling, linear freshnel, solar tower, and parabolic trough. Of these, parabolic trough is the most matured technology in the market and is extensively utilized at commercial level for the generation of power. This technology held a leading position in the market in 2013 and is poised to rise at the swiftest growth rate between 2014 and 2020. The segment of tower and fresnel trailed parabolic trough, respectively. Of these, the tower technology is expanding at an exponential rate owing to the integration of technology with traditional thermal power plants, while the technology of dish sterling is employed for pilot projects and demonstration.

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Europe Emerged as the Most Dominant Region in Global Concentrated Solar Power Market

On the basis of geography, the market is categorized into Europe, North America, Asia Pacific, and Rest of the World (RoW). Of these, on the basis of CSP installed capacity, Europe came up as the top producer of power globally within the CSP technology and the production in this region is predicted to expand in the coming years. Although, due to the economic slowdown within Europe, this growth of the market in Europe has experienced a gradual degradation within the installation process, still the growth of the market in this region will rise from 2014 to 2020. North America and Asia Pacific trail Europe in terms of production. On the other hand, the concentrated solar power (CSP) market is also predicted to grow in Asia Pacific in the coming years. The prime players within the market are focusing on investing within Asia Pacific and North America concentrated solar power markets.

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